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FINANCIAL NEWS
Dubai’s MAF to launch four $3.5b malls
20 Dec 2010
(MENAFN) Peter Walichnowski, Chief Executive Officer at Majid Al Futtaim (MAF) Properties, said that it is currently in the middle of a $3.5 billion plan that will see four new malls delivered in the Middle East North Africa region by the end of 2013, Arabian Business reported.
In the quarter of 2012, MAF is scheduled to open another mall in the emirate of Fujairah, and will launch Beirut City Centre by the end of the same year, together with Mall of Egypt in Cairo and Khams Shamat in Damascus, both of which are expected to come online before the end of 2013, revealed Walichnowski.
Moreover, the Dubai-based property firm is eyeing an expansion into the Saudi retail market. However, plans are currently at a halt due to funding requirements, finding an appropriate location and market confidence, he added.
According to Walichnowski, MAF also seeks to enter the Abu Dhabi market, but is hindered by finding a suitable location within the country’s capital.
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